The Baltimore Development Corporation announced today it has set a goal of reaching $15 million for the Baltimore Business Recovery Fund, which will aid businesses that suffered damages or losses in the city’s recent civil disturbances.
The BBR Fund was kicked off at the Greater Baltimore Committee’s annual meeting Monday with a text pledging campaign that resulted in more than $200K committed to help the affected businesses.
The BBR Fund will be used to make zero interest loans up to $35,000 to the affected businesses. These loans may be convertible into grants if certain benchmarks are met. The loans will be made available when enough funds have been raised. Donations to the Baltimore Business Recovery Fund are tax deductible. Please visit www.BaltimoreDevelopment.com/Donations to make a contribution.
“As Baltimore works harder to foster economic inclusion and create jobs, the health of the City’s economy is vital,” said William H. Cole, president and CEO of the Baltimore Development Corporation. “Small businesses play a crucial role in not only strengthening the economy, but also serve a strong need in the neighborhoods in which they operate.”
To date, about 350 businesses were affected and many have limited coverage or no insurance, very often as a result of loss of coverage. Some businesses were so severely damaged that they still remain closed and their owners left with no source of income, officials said.